HowThe settle strike with the smallest total payout to option holders for the 2026-11-13 expiration, over 127 strikes carrying 20,073 open contracts. Open interest is published once a day, before the open, so it describes the previous session.
SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 8, 8:26 PM ET
How14,326 put contracts / 5,747 call contracts = 2.49 for the 2026-11-13 expiration. Open interest is published once a day, before the open, so it describes the previous session.
SourceNet gamma exposure from Cboe greeks and open interest
As ofCboe delayed snapshot Nov 8, 8:26 PM ET
HowOver every strike with open interest for the 2026-11-13 expiration: (call gamma × call OI minus put gamma × put OI) × 100 × spot² × 1%, summed. Calls count as positive and puts as negative, a convention about who holds the other side, not a measurement.
Event risk before this expiration:CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 1007.5 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)COST open contracts per strike for Fri, Nov 13. Showing the 60 largest of 127 strikes by open interest, 82.1% of the total.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Nov 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed). Showing the 60 largest of 99 strikes by volume, 97.3% of the total.
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 24.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Nov 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.67
1020
0.0068
0.37
-0.67
-0.17
0.80
-0.75
1025
0.0077
0.42
-0.75
-0.21
0.76
-0.82
1030
0.0086
0.46
-0.83
-0.24
0.71
-0.89
1035
0.0095
0.50
-0.90
-0.29
0.66
-0.95
1040
0.0102
0.53
-0.96
-0.34
0.61
-1.00
1045
0.0108
0.56
-1.01
-0.39
0.56
-1.03
1050
0.0112
0.58
-1.04
-0.45
0.50
-1.03
1055
0.0113
0.58
-1.05
-0.50
0.44
-1.02
1060
0.0113
0.58
-1.03
-0.56
0.39
-0.98
1065
0.0110
0.56
-1.00
-0.62
0.34
-0.93
1070
0.0104
0.54
-0.94
-0.67
0.29
-0.86
1075
0.0098
0.50
-0.87
-0.72
0.24
-0.78
1080
0.0089
0.46
-0.79
-0.77
0.13
-0.52
1095
0.0061
0.32
-0.53
-0.88
0.11
-0.45
1100
0.0052
0.28
-0.46
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.